Nintendo Wii price cut before new console release?

Since it was first released back in 2006 the Nintendo Wii has sold a huge amount of units. When it was first released the console was ground breaking with its motion detecting controllers. But time changes and now the ageing console has more competition from the Microsoft Kinect and PlayStation Move.

Sean Hollister from Engadget is reporting that a trusted source has told them that the Nintendo Wii could be getting a price cut in May. Now if there is a Nintendo Wii price cut, is it because a new Wii is incoming? The price drop is alleged to be taking place on May 15th and would make the Wii $150, but would any such move happen before the Electronics Entertainment Expo in June?

We have reported before the Wii could be getting a price cut along with the other top consoles sometime this year. We have also had rumors that Nintendo will be announcing a second generation Wii console at the E3 event in June.

A price cut for the Nintendo Wii makes sense, because if a new console is announced in June sales of the current version would dry up. Making the Wii even cheaper would also allow Nintendo to clear stock of the current console.

Do you thing that Nintendo will make the Wii cheaper before any announcement is made about a new version?